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March 18, 2021, 12:58 p.m. EDT

Clorox sales decline sharply year-over-year after COVID-19 spike

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By Tonya Garcia

Clorox Co. /zigman2/quotes/206443229/composite CLX -1.02% was downgraded to neutral from buy at D.A. Davidson after IRI data shows a 10.8% point-of-sale decline in the four weeks leading up to March 7. Analysts led by Linda Bolton Weiser attribute the decrease to the "start of hard COVID-driven prior-year comps, which get even more difficult next month (+75%)." D.A. Davidson cut its price target to $189 from $234. "Most noteworthy were the double-digit declines in Clorox's three biggest Health & Wellness categories: (1) cleaners were -24.3% year-over-year vs. +8.5% in February; (2) bleach was -17.8% vs. +17.9% in February; and (3) wipes were -54.3% vs. +27.8% in February, with the category decelerating to -34.9% from +67.0% in February," the note said. Clorox shares sank 4.1% after the downgrade, and are down 4.8% for the last year. The benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.74% is up nearly 65% over the past 12 months.

/zigman2/quotes/206443229/composite
US : U.S.: NYSE
$ 182.72
-1.89 -1.02%
Volume: 724,273
May 7, 2021 4:00p
P/E Ratio
25.49
Dividend Yield
2.42%
Market Cap
$22.96 billion
Rev. per Employee
$763,750
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/zigman2/quotes/210599714/realtime
US : S&P US
4,232.60
+30.98 +0.74%
Volume: 2.02B
May 7, 2021 4:06p
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